Show MR MU BAil A EXPLAINS Tells Wh dv VI Cut Cia CutIn In tho the envelops containing the Daly West tilt dividend 11 1 hI I 1111 cheeks checks sent out yester yesterday yesterday day was wan contained the tIme following note of oC explanation from roam President Hamber HamberGer Ger cerIn GerIn In explanation of oC the reduction in th dividend rote It has hns recently ree be bp become come comae evident that the time large extraction of ot ore are to tiny pay 05 65 cents c per rr share shar or monthly Is too great a tux tax on Oil the capacity of ot the tho mine anti and especially on the ore oro reserves and for the purpose 01 or of conserving the tho latter anti and In time the best Jest Interests its of ot the mine and Its stock stockholders stockholders holders the directors following the ad rid advice vice vl of their valued tI and experienced superintendent John A Imani moOdy voted for tor or the time reduction of ot time tho timer thor r dl ns as above Indicated Mr tr Kirbys estimates give us ants nn p that the monthly month cnn can bo he maintained Indefinitely without any 1111 impairment of ot the cash reserve but Jut that tho saute same will be he added to ii I Ith a n possibility that the timo directors may bo ho able to declare ex cx extra tra tm dividends On account of ot bad roads and scar scarcity scarcity city 11 of ot water for or time the concentrator dur durIn In the time months of ot January February larch and anti April It was WIS found Impossible sible to maintain tho tIo normal output antI and ton II the tio t o surplus has been om reduced c money mOlley has hiatt been Jeon ex ux expended 1 In Increasing the capacity of at atour our concentrator anti and In the erection of ot ofa ofa a n plant plain for the time treatment of ot tailings so thai in tho the future tho the output of ot con concentrates will be ho much larger lar er mind It will nit be bo b necessary to draw no so heavily ily Ih Ii on 01 tho ore oro reserves re Mr Ir Sherman our mill superintend superintendent rill eat reports that tIme the mill realizes his expectations In nil alt particulars and that the tho savings R of time the slimes clinics are en ell entirely tIrol satisfactory Development work Is 18 being loIng prose prosecuted with energy and with every evory rCA rea reasonable assurance n that thai new now ore bodies Will iiIi bo be in the t near future |